Year 2023 - Looking Forward to Change
Here are some of the tax changes for 2023. Keep watching this space for updated tax information:
Taxes • Accounting • Advisory • Assurance
Income Tax Rates for Individuals for Year 2023
| Tax Bracket | Unmarried | Married Filing Jointly | Head of Household | Married Filing Separately |
|---|---|---|---|---|
| 10% | $0-$11,000 | $0-$22,000 | $0-$15,700 | $0-$11,000 |
| 12% | $11,000-$44,725 | $22,000-$89,450 | $15,700-$59,850 | $11,000-$44,725 |
| 22% | $44,725-$95,375 | $89,450-$190,750 | $59,850-$95,350 | $44,725-$95,375 |
| 24% | $95,375-$182,100 | $190,750-$364,200 | $95,350-$182,100 | $95,375-$182,100 |
| 32% | $182,100-$231,250 | $364,200-$462,500 | $182,100-$231,250 | $182,100-$231,250 |
| 35% | $231,250-$578,125 | $462,500-$693,750 | $231,250-$578,100 | $231,250-$346,875 |
| 37% | >$578,125 | >$693,750 | >$578,100 | >$346,875 |
FICA 2023 (6.2%) maximum wage limit increases to $160,200 from $147,000 for 2023, an increase of $13,200 from 2022. There is no Medicare (1.45%) maximum wage limit for 2023. Starting 1/1/2013, a 0.9 percent Additional Medicare Tax applies to all wages that exceed $200,000 ($250,000 for joint return filers and $125,000 for married filing separately filers).
Standard Deduction Amounts for year 2023
- MFJ & Surviving Spouses – $27,700
- HH – $20,800
- Single – $13,850
- MFS – $13,850
Plus Over 65 or Blind Deduction
for year 2023
- Over 65 or blind MFJ, HH may deduct an additional $1,500.
- Over 65 or blind unmarried, not a surviving spouse taxpayers may deduct an additional $1,850.
Long-term Care Premiums deducted as medical care for year 2022
- Age <41………………….$ 480
- Age >40 but <51……….$ 890
- Age >50 but <61……..$1,790
- Age >60 but <71……..$4,770
- Age >70………………..$5,960
Standard Mileage Rates for year 2023
1/1/2023 – 12/31/2023
1/1/2023 – 12/31/2023
- Business …………….. $.655/mi.
- Charitable …………… $.14/mi.
- Medical ………………. $.22/mi.
- Moving ……………….. $.22/mi.
You can also check some of the other sections of this website for a brief history of past tax changes. Contact us at 301-649-1600 or 703-269-3918 to get all the answers you need.
